Assessment 1 - Knowledge Questions

Information for students:

Knowledge questions are designed to help you demonstrate the knowledge which you have acquired during
the learning phase of this unit. Ensure that you:

 comply with the due date for assessment which your assessor will provide

 adhere with Abbey College’s submission guidelines

 answer all questions completely and correctly

 submit work which is original and, where necessary, properly referenced

 submit a completed cover sheet with your work

 avoid sharing your answers with other students.

Provide your response to each question in the box below.

1.1 Answer the following questions:

Explain the risk management process. You may answer using a labelled diagram or in words (or both) and
must include:

 a definition of risk management.

 a list or illustration of the steps in a risk management process.

 a description of what each step involves.

1.2 Answer the following questions:

Describe a current risk management standard. In your answer:

 name the standard.

 explain the purpose of the standard.

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  list key elements of the standard.

1.3 Answer the following questions:

Complete the table below to describe the types of business risk.

Type of risk Description Example Key responsibility

(at least two people)

Strategic
risk

Compliance
risk

Financial
risk

Operational
risk

1.4 Answer the following questions:

Complete the table to explain three different tools and techniques that may be used to identify risk. The first
row has been completed as an example for you to follow.

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National Provider No. 91136| CRICOS Registration No. 02658G
Version V1.0 Jan 2021
Technique/tool Description

Brainstorming A group discussion to produce as many ideas or solutions to

problems in a pre-determined amount of time.

1.5 Answer the following questions:

Explain four options that a company could use to take to control risks.

1.6 Answer the following questions:

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National Provider No. 91136| CRICOS Registration No. 02658G
Version V1.0 Jan 2021
Explain how legislation and its related regulatory requirements relate to risk management. In your answer:

 identify two different legislative and regulatory requirements that may apply to risk management.

 for each legislative requirement, explain how it relates to risk management.

 provide one example of how regulations support one of the legislation.

1.7 Answer the following questions:

Explain the purpose of risk management policies and procedures in the workplace as they relate to risk
management.

1.8 Answer the following questions:

Complete the table below to summarise how three policies and procedures relate to risk management.

Policy/procedure Description

Record keeping policy and

procedure

WHS policy and procedure

Confidentiality
policy/procedure

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Abbey College Australia
National Provider No. 91136| CRICOS Registration No. 02658G
Version V1.0 Jan 2021